By Lucas Williams
With the surge in popularity of cryptocurrencies, it is not surprising that a higher number of people are interested in trading these digital currencies. The potential to make significant returns due to the volatility of these speculative assets has added to their appeal. Moreover, it has become easier for people to access them, as trading apps are now available that enable people to trade cryptocurrencies directly from their smartphones. You can find thousands of apps offering you their services, but you obviously want to choose reliable and professional ones for a smooth trading experience.
Below are some of the leading crypto trading apps that you can consider for your trading needs:
Robinhood
Robinhood is quite well-known for its slick trading app designed for stocks, ETFs and options, but cryptocurrencies have also been added to its offerings. It also offers a no-commission structure, as it charges a spread markup, which means that the costs are built directly into the buying or selling price of the coin. The instant transfer feature of Robinhood allows you to start immediately, so all you have to do is download and go.
Webull
Even though it is not exactly a poster child for trading apps, but Webull offers an impressive set of features. It offers stocks, ETFs, and options, and now cryptocurrencies are also available without any commission. Likewise, it uses a crypto markup for its crypto trades and it offers a wider range of cryptocurrencies than Robinhood.
CashApp
Most people don’t think of CashApp when they think of cryptocurrencies because the app is renowned more for its stock and ETF-trading ability and cash management account. However, it also offers the opportunity to trade cryptocurrency, but only supports Bitcoin. While it is possible to send BTC to others for free, there is a small fee applicable for trading the crypto, which is disclosed before a trade is placed. In addition, they also have a spread markup that’s also built into the trade.
PayPal
A lot of people will already have PayPal downloaded on their phones and this means that you can start crypto trading quickly. The app does not allow you to send crypto to others or even use it for payment purposes, but it can be used for trading. A fee is applicable for any transaction and there is also a spread markup priced into its trades. The fee begins at $0.50 for trades under $25 and then they switch to a percentage that goes as low as 1.5% for trades exceeding $1,000. Its fee structure is openly listed, which is another advantage. Venmo, PayPal’s sister app, also offers similar services.
Coinbase
If you have been looking into apps for crypto trading, you will definitely come across Coinbase, which is a prominent crypto exchange. It allows people to trade a range of cryptocurrencies, which include the leading options in the market. The fee structure here is a bit complex and it depends on whether you are using Coinbase, or Coinbase Pro. There is a spread markup involved, along with a transaction fee that depends on the size of the transaction.
eToro
This is a popular crypto broker that gives its users access to around 29 cryptocurrencies in the market, including some that are not usually available on brokerage apps. These include Polygon, Uniswap, and Tezos. A direct commission is not applicable, but eToro has a spread markup that depends on the crypto you are trading. It ranges from 0.75% for Bitcoin and is set at 5% for other cryptocurrencies.
Kraken
Another specialized crypto exchange that can be used for trading a variety of coins is Kraken. It offers some of the leading cryptocurrencies, along with those that are not available on the usual financial apps, such as Cardano, Uniswap, and Solana. The exchange provides support for about 87 cryptocurrencies. There is a 1.5% fee applicable on crypto, which is 0.9% for stablecoins. However, if you are using a debit or credit card for transactions, it should be noted that 3.75% fee and an additional 25 euro cents is applicable. You may also have to pay a 0.5% online banking processing fee. However, prices decline if you switch to the Kraken Pro.